Martin Lewis urges first-time buyers to put £1 in a savings account immediately to get free 25 percent bonus
Martin Lewis was back on-air on Wednesday for the latest edition of his BBC podcast. The self-titled show, The Martin Lewis Podcast, is released on BBC sounds each week and focuses on a different subject matter.
READ MORE: Inside the tiny terrace that's one of Greater Manchester's cheapest homes - but it can't fit a proper bedroom But there are further rules and requirements as to who can save with a LISA, as Martin added: "You must have never owned a home before for that to work. The home that you're buying must cost under £450,000 and you cannot use the 25 percent bonus until your Lifetime ISA has been opened for a year."
"You have to have had it open for a year to be able to get the bonus, so you may as well get that clock ticking."Martin explained that because there is a £450,000 limit on the price of a home you can buy with a LISA, many first-time buyers are losing money due to house prices rising, as the homes they're buying are out of this threshold.
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